Investors commonly exhibit the disposition effect - the irrational tendency to sell their winning investments and hold onto their losing ones. While this phenomenon has been observed in many traditional markets, it remains unclear whether it also applies to atypical markets like cryptoassets. This paper investigates the prevalence of the disposition effect in Bitcoin using transactions targeting cryptoasset exchanges as proxies for selling transactions. Our findings suggest that investors in Bitcoin were indeed subject to the disposition effect, with varying intensity. They also show that the disposition effect was not consistently present throughout the observation period. Its prevalence was more evident from the boom and bust year 2017 onwards, as confirmed by various technical indicators. Our study suggests irrational investor behavior is also present in atypical markets like Bitcoin.

翻译：投资者普遍表现出处置效应——即倾向于非理性地卖出盈利投资而持有亏损投资。虽然这一现象已在许多传统市场中被观察到，但其是否同样适用于加密货币等非典型市场仍不明确。本文以针对加密货币交易所的交易作为卖出交易的代理变量，研究了比特币市场中处置效应的普遍性。研究结果表明，比特币投资者确实受到处置效应的影响，且其强度存在差异。研究还发现，处置效应在整个观察期内并非持续存在。自2017年繁荣与萧条年份以来，其普遍性变得更加显著，这一结论得到了多种技术指标的验证。我们的研究表明，非理性投资者行为同样存在于比特币等非典型市场中。